比特币 ETF 很受欢迎。以太币和其他山寨币会是下一个吗？

日常投资者纷纷涌入一类 12 种名为现货比特币 ETF 的新基金，这些基金使他们能够像购买股票一样轻松地在经纪账户中购买比特币。

Bitcoin prices have soared more than 40% since Election Day on hopes that a second Trump administration will usher in a golden age for digital currencies.

自选举日以来，由于人们希望特朗普第二届政府将迎来数字货币的黄金时代，比特币价格已飙升超过 40%。

Everyday investors have piled into a class of 12 new funds known as spot bitcoin ETFs that allow them to purchase bitcoin in their brokerage accounts as easily as stocks. The funds have attracted $36 billion of new money since their launch, while assets have swelled to about $116 billion, thanks to the monster rally in prices.

日常投资者纷纷涌入一类 12 种名为现货比特币 ETF 的新基金，这些基金使他们能够像购买股票一样轻松地在经纪账户中购买比特币。自推出以来，这些基金已吸引了 360 亿美元的新资金，而由于价格的大幅上涨，资产已膨胀至约 1,160 亿美元。

Investors and analysts say the success of the ETFs has played a crucial role in fueling bitcoin’s run. Collectively, the 12 funds own more than one million bitcoins, making them the largest collective holder of the cryptocurrency in the world, according to data compiled by Bloomberg Intelligence analyst Eric Balchunas.

投资者和分析师表示，ETF 的成功在推动比特币上涨方面发挥了至关重要的作用。根据 Bloomberg Intelligence 分析师 Eric Balchunas 汇编的数据，这 12 家基金总共拥有超过 100 万比特币，使它们成为世界上最大的加密货币集体持有者。

“Our estimates were blown away, and we were on the more optimistic side,” Balchunas said.

巴尔丘纳斯说：“我们的预测超出了预期，我们的态度更加乐观。”

The resurgence of bitcoin and the wild success of the ETFs appeared improbable just two years ago, when the implosion of Sam Bankman-Fried’s FTX exchange drove the cryptocurrency’s price below $16,000. Bitcoin skeptics argue its short history has been dotted with furious rallies and spectacular crashes, and it has no place in the portfolios of mainstream investors.

就在两年前，当 Sam Bankman-Fried 的 FTX 交易所崩溃导致加密货币价格跌破 16,000 美元时，比特币的复苏和 ETF 的巨大成功似乎还不太可能。比特币怀疑论者认为，其短暂的历史充满了剧烈的上涨和惊人的崩盘，并且它在主流投资者的投资组合中没有一席之地。

BlackRock and Fidelity have emerged as early winners of the bitcoin ETF race. With $56 billion in assets, the iShares Bitcoin Trust is the world’s largest bitcoin fund and the most successful ETF launch in history based on inflows. At Fidelity, the Wise Origin Bitcoin ETF has swelled to become the company’s largest ETF with $21 billion in assets.

贝莱德 (BlackRock) 和富达 (Fidelity) 已成为比特币 ETF 竞赛的早期赢家。 iShares Bitcoin Trust 拥有 560 亿美元的资产，是全球最大的比特币基金，也是历史上基于资金流入最成功的 ETF 发行机构。在 Fidelity，Wise Origin 比特币 ETF 已发展成为该公司最大的 ETF，资产规模达 210 亿美元。

Hoping to seize on the momentum, asset managers are jockeying to put smaller and riskier tokens into ETFs.

为了抓住这一势头，资产管理公司正在竞相将规模较小、风险较高的代币放入 ETF。

VanEck, Bitwise Asset Management and 21Shares have filed applications to launch ETFs that would hold tokens including solana and Ripple Labs’ XRP. Canary Capital, a three-month-old firm, has filed to launch funds that would hold even more niche tokens such as litecoin and hedera. And Grayscale Investments is hoping to convert its multitoken fund, which holds bitcoin, ether, solana, XRP and Avalanche blockchain’s AVAX token, into an ETF.

VanEck、Bitwise Asset Management 和 21Shares 已提交申请，推出将持有 solana 和 Ripple Labs 的 XRP 等代币的 ETF。 Canary Capital 是一家成立仅三个月的公司，已申请推出持有莱特币和 hedera 等更多利基代币的基金。 Grayscale Investments 希望将其持有比特币、以太币、solana、XRP 和 Avalanche 区块链的 AVAX 代币的多代币基金转换为 ETF。

Those asset managers face an uphill battle. ETFs holding ether—the second-largest cryptocurrency—are already on the market and have drawn tepid interest from investors. The nine existing funds have recorded just $2.5 billion in net inflows since their July debut.

这些资产管理公司面临着一场艰苦的战斗。持有以太币（第二大加密货币）的 ETF 已经上市，并引起了投资者不温不火的兴趣。自 7 月份推出以来，这 9 只现有基金的净流入仅为 25 亿美元。

Smaller tokens have faced scrutiny from the Securities and Exchange Commission under Chair Gary Gensler. His office labeled dozens of cryptocurrencies, including solana and XRP, as unregistered securities that have been sold illegally to the public. Gensler intends to resign when Trump takes office.

较小的代币面临着由主席加里·詹斯勒 (Gary Gensler) 领导的美国证券交易委员会 (Securities and Exchange Commission) 的审查。他的办公室将包括 solana 和 XRP 在内的数十种加密货币标记为非法向公众出售的未注册证券。詹斯勒打算在特朗普上任后辞职。

The SEC recently rejected filings from stock exchanges to list solana ETFs on behalf of several asset managers, according to people familiar with the matter.

据知情人士透露，美国证券交易委员会 (SEC) 最近拒绝了证券交易所代表多家资产管理公司提交的 solana ETF 上市申请。

Bitcoin bulls suggest the Trump administration might be friendlier. The president-elect has nominated Paul Atkins, a crypto consultant who has questioned the SEC’s approach to the industry, as the agency’s next chair.

比特币多头表明特朗普政府可能会更加友好。当选总统提名保罗·阿特金斯 (Paul Atkins) 为该机构的下一任主席，他是一位加密货币顾问，曾对 SEC 对该行业的态度提出质疑。

“ETF issuers are going to get aggressive,” said Nate Geraci, president of ETF Store, an investment-advisory firm. “It would not surprise me to see more asset managers filing for all kinds of alt-coin ETFs. There’s really limited downside to throwing their hat in the ring early here.”

投资咨询公司 ETF Store 总裁内特·杰拉奇 (Nate Geraci) 表示：“ETF 发行人将变得更加激进。” “看到更多的资产管理公司申请各种山寨币 ETF，我不会感到惊讶。尽早参加比赛的坏处确实有限。”

Even if regulators approve their launch, analysts question whether demand exists for such products.

即使监管机构批准其推出，分析师也会质疑此类产品是否存在需求。

“I think advisers look at bitcoin as this potential store of value, risk asset and digital gold,” said Grant Engelbart, an investment strategist at Carson Group. “It’s more difficult to understand ether and the underlying value that it provides. I don’t think too many advisers know about solana and some of these other cryptocurrencies.”

卡森集团(Carson Group)投资策略师格兰特·恩格尔巴特(Grant Engelbart)表示：“我认为顾问将比特币视为潜在的价值储存手段、风险资产和数字黄金。” “理解以太币及其提供的潜在价值更加困难。我认为没有太多顾问了解 solana 和其他一些加密货币。”

Mike Akins, founder of ETF Action, an investment analytics platform, said he strongly disagrees with the idea that simply because the largest asset managers are building products around bitcoin, that somehow makes it a good investment.

投资分析平台 ETF Action 的创始人迈克·阿金斯 (Mike Akins) 表示，他强烈不同意这样一种观点，即仅仅因为最大的资产管理公司正在围绕比特币开发产品，就在某种程度上使其成为一项良好的投资。

“Asset managers’ jobs are to build products where there is demand from their clients so they can charge fees on it,” said Akins, a veteran in the ETF industry. “Let us not forget they also had no problem packaging up subprime mortgages and delivering them to their clients.”

“资产经理的工作是根据客户的需求开发产品，以便他们可以收取费用，”ETF 行业资深人士阿金斯表示。 “我们不要忘记，他们在打包次级抵押贷款并将其交付给客户方面也没有任何问题。”